Zelle achieved a remarkable milestone by processing over $1 trillion in transactions in 2024, making it the highest annual total for a person-to-person payment service. This significant growth underscores Zelle’s importance as a key financial tool for consumers and small businesses alike.
With 151 million enrolled user accounts, Zelle saw an increase of 16 million users compared to the previous year. The transaction volume surged by 25% to 3.6 billion, while the overall dollar amount sent on the platform grew by 27% year-over-year. The fourth quarter of 2024 marked the strongest performance in Zelle’s history, driven by holiday gifting and rent payments.
Zelle has become an indispensable payment method for millions of Americans, transforming the way money is transferred across the nation. This growth is a reflection of the trust users place in the platform every day, as it continues to expand access and opportunities for individuals, small businesses, community banks, and credit unions.
In 2024, Zelle solidified its role as a critical payment solution for small businesses, delivering fast and secure transactions. Key highlights include:
- 23 million Zelle users made payments to small businesses in Q4.
- Small businesses conducted over 500 million transactions, a 32% increase from 2023.
- The total transaction value reached $283 billion, reflecting a 32% year-over-year growth.
Small business owners increasingly rely on Zelle for prompt payment processing, enabling them to settle vendor balances and compensate employees, thus ensuring immediate access to funds essential for business operations.
Zelle’s reach expanded to more than 2,200 financial institutions, with 95% being community banks and credit unions. These institutions play a crucial role in serving underbanked rural and minority-owned communities. A recent survey revealed that:
- 74% of respondents felt that Zelle positively impacted their perception of their bank.
- One in three users expressed they would switch to a financial institution offering Zelle if their current bank ceased the service.
